Bombardier Business Aircraft released its 10-year forecast for the private aviation market at the European Business Aviation Convention and Exhibition (EBACE) in Geneva.

In the forecast, Bombardier Business Aircraft predicts there will be up 8,300 new business jet deliveries representing approximately $250 billion in industry revenues from 2016 to 2025. Significant growth is expected in the long term, with larger aircraft continuing to dominate the market. As growth eventually returns in emerging regions, Bombardier is confident the business jet market will pick up as the popularity of private aviation continues to increase every year.

“This annual forecast identifies longer-cycle trends that we use in our own strategic decisions, enabling us to react quickly and efficiently to constant market changes,” said Jean-Christophe Gallagher, vice president of Strategy, Marketing and Innovation for Bombardier Business Aircraft. “We have built our leadership position in aviation by continuously monitoring the market and making proactive business decisions based on macroeconomic analyses and our industry expertise.”

Bombardier Business Aircraft expects that North America will account for the greatest number of new business jet deliveries between 2016 and 2025 with 3,930 aircraft, followed by Europe, which remains the second largest market with 1,530 deliveries expected between 2016 and 2025.